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A new limit on reclamation claims: the latest on the goods on hand requirement.(Credit Column)
Introduction
A trade creditor that seeks to collect an unsecured claim from a customer in bankruptcy has a few tools in its arsenal to perhaps obtain an enhanced recovery on its claim. One of the most frequently used trade creditor remedies is the stale law right of reclamation.
Section 546(c) of the Bankruptcy Code is the statutory basis for a trade creditor's right to reclaim goods shipped on credit to an insolvent customer shortly before the customer files for bankruptcy. A trade creditor that satisfies all of the state law requirements for reclamation under Section 2-702 of the Uniform Commercial Code and the additional requirements for reclamation ...
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- Magazine article from: Business Credit Nathan, Bruce S. June 1, 2002 700+ words
...infrequently, a trade creditor sends a reclamation demand that identifies...dismiss a trade creditor's reclamation...creditor's reclamation demand did not specifically...held that a reclamation demand letter does...Relief A trade creditor's ...
- Reclamation demand against customer that later files bankruptcy should be in...
- Magazine article from: Business Credit Blakeley, Scott September 1, 2004 700+ words
...element for a vendor to prevail on its reclamation demand under the Bankruptcy Code is written...reclaiming goods based on an oral reclamation demand resulted in a bankruptcy preference...section 546(c) requires that a reclamation demand be in writing. The Vendor Reclaims...
- A trade creditor's post-petition obligations under an unexpired executory...
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Let us suppose that a trade creditor had entered into a supply agreement...customer files Chapter 11. Must the trade creditor continue to extend credit terms...contractual provision to compel a trade creditor to extend credit to a debtor...
- A trade creditor's setoff rights in bankruptcy: no slam dunk.(CREDIT...
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When a trade creditor has shipped goods or provided services...setoff. Suppose a debtor owes a trade creditor $100,000, the creditor owes...other unsecured trade creditors. A trade creditor's setoff rights were at issue...
- Equisure Inc. Announces Retraction of $12 Million of Trade Creditor Calls.
- Press release article from: Business Wire September 3, 1997 700+ words
...announced Wednesday that a number of trade creditor calls that were initiated last week...Just over twelve million dollars of trade creditor calls were negated as a result of Equisure...maintain its client base, negate the trade creditor calls, and resume the normal course...
- Extending credit to the Chapter 11 debtor: the trade creditor's dilemma. (Legal...
- Magazine article from: Business Credit Tilton, Richard N. March 1, 1993 700+ words
...need which thrives unabated in Chapter 11. Thus arises the trade creditor's dilemma: Sell COD and risk loss of sales or sell on...incurred in the Chapter 11 case. Secured Claims For the trade creditor, the decision to extend post-petition credit may depend...
- Compositech Ltd. Agrees To Settle Debt With Its Largest Trade Creditor by...
- Press release article from: Business Wire February 12, 2001 700+ words
...reported that it has entered into an agreement with its largest trade creditor to settle a debt of nearly $400,000 by the issuance of...pleased that we could effect this arrangement with our largest trade creditor," said Samuel S. Gross, Compositech's Chief Financial...
- Kmart Receives Final Approval For $2 Billion Debtor-In-Possession Credit...
- Press release article from: PR Newswire March 7, 2002 700+ words
...Company's Secured Inventory Trade Credit Program. This trade creditor lien, which is junior to liens under the DIP facility...shipments to Kmart by March 22, 2002. "Court approval of the trade creditor lien is welcome news," Conaway said. "The response by...
Source: HighBeam Research, A new limit on reclamation claims: the latest on the goods on hand...